Mirvac Group is buying Sydney’s Birkenhead Point Shopping Centre for $310 million.

Five kilometres from Sydney’s CBD, the prime waterfront site comprises approximately 3.7 hectares, with a total lettable area of more than 33,100 square metres and parking for 1,395 vehicles.

It has an annual turnover of $228.5 million.

Mirvac Group executive, retail, Susan MacDonald, said the complex was within Sydney’s second largest trade area and its demographic had an average per capita income 25 per cent above that of greater Sydney.

“This presents a unique opportunity for Mirvac to utilise its retail asset management expertise to continue to remix existing tenancies, with an emphasis on designer and luxury brands,” she said.

The recently expired David Jones tenancy would be converted “into more productive specialty space”, she added.

“This purchase demonstrates our continued ability to secure strategically located urban retail assets, and reinforces Mirvac’s dominant position in this key catchment area, alongside Broadway Shopping Centre, Harbourside and Rhodes Waterside.”

The purchase is subject to regulatory approval, with completion expected before the end of 2014.

AAP